As per the latest report by Counterpoint research, China witnessed a remarkable drop in Singles’ Day smartphone sales by 11 per cent YoY in 2022.
Singles’ Day in China is an online shopping festival, which is claimed to be the world’s biggest shopping sale in terms of Gross Merchandise Value (GMV) and revenue. This year, the sale lasted from October 20 to November 11.
Why was there a decline in smartphone sales?
According to the reports, the markets remained weak due to the prevailing strict Covid 19 curbs implemented in the country, making it the paramount cause of decline in sales.
The report further added, “Against the backdrop of sluggish demand and macroeconomic headwinds, platforms declined to reveal their 2022 Singles’ Day sales performance in detail.”
Promotions by different brands
As per the report, Apple’s promotions were the biggest highlight of the festival. The participation of the company was announced on its official WeChat account and the discount on iPhone 14 was the biggest in recent years. This was effective in boosting sales.
On the other hand, local brands like Xiaomi and OnePlus offered larger discounts than other companies to benefit from the rising online traffic.
The report mentioned, “Most Android OEMs did not update their killer product lines to benefit from the Singles’ Day rising traffic. OPPO’s Reno 9, vivo’s X90 and HONOR’s 80 will launch in late November, so it can be expected that these new models will lift sales in Q4.”